Fuel Prices to be deregulated from 1 August

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Fuel Prices to be deregulated from 1 August

Fuel Prices to be deregulated from 1 August

(Abu Dhabi) – The Ministry of Energy has announced that fuel prices would be deregulated as of 1 August, 2015. A new pricing policy linked to global prices will be adopted. The decision, related to gasoline and diesel, is aimed at supporting the national economy, lowering fuel consumption, protecting the environment and preserving national resources.
Suhail Al Mazroui, Minister of Energy, said that in accordance with the new pricing policy that has been ratified by the UAE Cabinet, a fuel price committee has been set up to review fuel prices against average international levels prior to their implementation in the UAE every month. Chaired by the Undersecretary of the Ministry of the Energy, the committee includes as members the Undersecretary of the Ministry of Finance, CEO of ADNOC Distribution, and CEO of Emirates National Oil Company (ENOC).
Making the announcement, Suhail Al Mazroui, Minister of Energy, said: “The decision to deregulate fuel prices has been taken based on in-depth studies that fully demonstrate its long term economic, social and environmental impact. The resolution is in line with the strategic vision of the UAE government in diversifying sources of income, strengthening the economy and increasing its competitiveness in addition to building a strong economy that is not dependent on government subsidies. This step will put the UAE on par with countries that follow sound economic methodologies. It is also anticipated to improve the UAE’s competitiveness while positioning the nation on international indices.”
(Courtesy WAM)